What is Reddit's opinion of Baltic Birch Plywood, 3 mm 1/8 x 12 x 12 Inch Craft Wood, Box of 45 B/BB Grade Baltic Birch Sheets, Perfect for Laser, CNC Cutting and Wood Burning, by Woodpeckers?
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You should be able to cut just about anything up to 5mm (1/4") thick with a 40W.

We've been using this Baltic birch a lot lately, fairly decent quality, had a few chipped or warped pieces but most of it was very good:

I've had decent success with these 12inx12inx3mm birch sheets I got off amazon. 45 sheets for $65 (these were down to $60 a while back).

I am trying 11 passes, same settings with https://www.amazon.com/gp/product/B013NT3OAC, will let you know how it goes.

1/8" X 12" X 12" Baltic Birch Plywood Great for Laser, Cnc, and Scroll Saw. 45pc Woodpeckers https://www.amazon.com/dp/B013NT3OAC?ref=yo_pop_ma_swf

Baltic birch plywood.

Here is what I buy: 3 mm 1/8" X 12" X 12" Premium Baltic Birch Plywood – B/BB Grade - 45 Flat Sheets By Woodpeckers https://www.amazon.com/dp/B013NT3OAC/ref=cm_sw_r_cp_api_haTVBbZ6D2P64

$100 - $200

< $50

$100 - $200